Lancaster Rubber and Industrial Supplies Limited
Lancaster Rubber and Industrial Supplies Limited
Registered number: 03731558
Unaudited Financial Statements
For The Year Ended 31 March 2018
Holden & Company
Certified Practising Accountants
50 - 54 Berry Lane
Longridge
Preston
Lancashire
PR3 3JP
Lancaster Rubber and Industrial Supplies Limited
Unaudited Financial Statements
For The Year Ended 31 March 2018
Unaudited Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—6 |
Lancaster Rubber and Industrial Supplies Limited
Balance Sheet
As at
31 March 2018
Balance Sheet
Registered number:
03731558
For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Stocks |
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| Debtors | 4 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 5 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 6 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 8 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 281,830 | 210,990 | |||
Page 1
Lancaster Rubber and Industrial Supplies Limited
Balance Sheet (continued)
As at
31 March 2018
Directors' responsibilities:
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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The notes on pages 3 to 6 form part of these financial statements.
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Lancaster Rubber and Industrial Supplies Limited
Notes to the Financial Statements
For The Year Ended 31 March 2018
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historic cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets over their expected useful lives on the following bases:
| Plant & Machinery |
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| Motor Vehicles |
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1.4.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.5.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
1.6.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. The Company's liability for current tax is calculated using tax rates that have been enacted or substantially enacted by the end of the reporting period.
Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantially enacted by the end of the reporting period.
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Lancaster Rubber and Industrial Supplies Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2018
1.7.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2018 | 2017 | ||
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| Office and administration |
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| Sales, marketing and distribution |
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3.
Tangible Assets
| Plant & Machinery | Motor Vehicles | Total | |
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| Cost | |||
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| Additions |
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| Depreciation | |||
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| Provided during the period |
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| Net Book Value | |||
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Lancaster Rubber and Industrial Supplies Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2018
4.
Debtors
| 2018 | 2017 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Loan - Luneside Properties Ltd |
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| Loan - Lancaster Rubber Properties Ltd |
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| Loan - A & A Hydraulics (North West) Ltd |
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| Directors' loan accounts | 14,827 | 18,121 | |
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5.
Creditors: Amounts Falling Due Within One Year
| 2018 | 2017 | ||
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| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Trade creditors |
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| Corporation tax |
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| VAT |
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| Accruals and deferred income |
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6.
Creditors: Amounts Falling Due After More Than One Year
| 2018 | 2017 | ||
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| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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7.
Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured.
| 2018 | 2017 | ||
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| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts | 57,909 | 54,084 |
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Lancaster Rubber and Industrial Supplies Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2018
9.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
| As at |
Amounts advanced | Amounts repaid | Amounts written off | As at |
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| £ | £ | £ | £ | £ | |
| Mr Andrew Eccles |
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Interest in the sum of £407 (2017 - £725) has been paid to the Company in respect of the loan which is unsecured and repayable on demand.
10.
Related Party Transactions
A & A Hydraulics (North West) Ltd
Director and shareholder, Andrew Eccles, is also a Director and shareholder of the above Company. During the year this Company loaned monies to A & A Hydraulics (North West) Ltd totalling £10,000. This amount was outstanding at 31st March 2018 and was the maximum amount outstanding during the year.
Lancaster Rubber Properties Ltd
Director and shareholder, Andrew Eccles, is also a Director and shareholder of the above Company. During the year this Company loaned monies to Lancaster Rubber Properties Ltd totalling £120,176. This amount was outstanding at 31st March 2018 and was the maximum amount outstanding during the year.
Luneside Properties Ltd
Director and shareholder, Andrew Eccles, is also a Director and shareholder of the above Company. This Company has loaned monies to Luneside Properties Ltd totalling £45,500 (2017 - £44,500). This amount was outstanding at 31st March 2018 and was the maximum amount outstanding during the year (2017- £44,500).
11.
General Information
Lancaster Rubber and Industrial Supplies Limited ,registered number 03731558 is a company limited by shares incorporated in England & Wales. The registered office is Unit 5 Standfast Complex, Caton Road, Lancaster, LA1 3PE.
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